DURBAN - The demand for entry-level homes under R1 million regionally continues to grow, and especially so in areas traditionally deemed too expensive by many buyers in the entry-level homes market.
Recognising the need to develop homes which are priced below R1 million and established by reputable developers, The Rowles Group has launched a new development called The Woods that meets those needs.
The cost of this new development is R186 million for Phase 1 and R130 million for Phase 2.
David Rowles, developer of The Woods said, "Our newest development in Waterfall, The Woods, requires a comparatively lower home deposit in relation to current market rates in this case. By removing the historic barriers to entry, we are designing ways to encourage home ownership to many previously excluded potential buyers. People have always considered the upper Highway area as inaccessible with high value homes being bought and sold; this really isn’t the case- there is a huge demand from families wanting to live here but the right product wasn’t necessarily available".
He added that not only does The Woods offer homes for under R1 million with a low deposit, the estate is also designed to save homeowners money with the addition of several green living elements like Smart Meters in each unit, low-flow taps, dual flush cisterns and ambient day-night lighting in common areas.
The price for apartments at The Woods starts at R649 000 while the starting price for a townhouse is R1,234 million. The Woods has already seen exceptional interest with people purchasing 40 out of the 60 homes in the first phase.
As a gated estate, The Woods has beefed up security with the obvious factors in place such as manned Gatehouse, patrol guards and electrified fencing plus an extra tier of security with bio-metric and PIN code visitor access as well.
“The Woods provides a multi-layered approach to security, and we know for homeowners and families that this security provides peace of mind and makes a place to live, a home. Security equals comfort.
Besides security, The Woods has great communal facilities, like the Clubhouse, pool, braai pods and kids’ play parks, to foster community interaction and for families to enjoy time together in the safety of the estate.
Located only 200 metres from the already-established Watercrest Mall, location and convenience are draw cards for many, as is the proximity to schools and various entertainment and family-friendly amenities in the area.
With property as an asset class that is growing in South Africa, investors are also keen to get into property, like The Woods, which offers a good rental yield from 8.6 percent in year 1 and the potential for strong capital appreciation.
"With only a R5000 investment, and the ability to earn the capital appreciation between reservation and transfer, The Woods appeals to a broader range of buyers, including first-time homeowners and younger investors; buying off plan as early as possible is always a financially astute decision," concluded Rowles.
Construction of the development is expected to start in September 2019 and expected to end by 2021.
BUSINESS REPORT ONLINE